Strength to Build the Future

Investor Presentation – Credit Suisse Global Steel and Mining Conference September 22-23, 2010 David Garofalo, president and chief executive officer David Bryson, senior vice president and chief financial officer John Vincic, vice president of investor relations and corporate communications Forward Looking Information This presentation contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes but is not limited to information concerning the company’s ability to develop its Lalor project and 777 North expansion, the ability to maintain a regular dividend on its common shares and the ability to obtain a listing on the New York Stock Exchange, the ability of management to execute on key strategic and operational objectives, the ability to meet production forecasts, the potential impact of changing economic conditions on HudBay’s financial results and the company’s strategies and future prospects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", “understands” or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results “will”, "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies). Many of these assumptions are based on factors and events that are not within the control of HudBay and there is no assurance they will prove to be correct. Factors that could cause actual results or events to vary materially from results or events anticipated by such forward-looking information include the ability to develop and operate the Lalor project on an economic basis, geological and technical conditions at Lalor differing from areas successfully mined by Lalor in the past, the ability to meet required solvency tests to support a dividend payment, and in accordance with anticipated timelines, risks associated with the mining industry such as economic factors (including costs of construction materials, future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, including new and upgraded facilities at Lalor, dependence on key personnel, employee relations and availability of equipment and skilled personnel, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade, dilution or recovery rates, permitting timelines, capital expenditures, reclamation activities, land titles, and social and political developments and other risks of the mining industry, as well as those risk factors discussed in the company’s Annual Information Form dated March 30, 2010, which risks may cause actual results to differ materially from any forward-looking statement. Although HudBay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. HudBay undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of HudBay, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.

2 September 2010 Forward Looking Information Lalor Project HudBay's production decision with respect to Lalor was not based on the results of a pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability, because significant portions of the deposit are not able to be classified as a mineral reserve until they can be accessed from underground for additional drilling. Because of this, the production decision was based on mineral resources identified to date and estimates of potential grades and quantities of the gold zone and copper-gold zone, along with other available information, including cost estimates and portions of the engineering design, which have been completed to a level suitable for inclusion in a feasibility study. The preliminary assessment respecting HudBay’s Lalor project is preliminary in nature, includes inferred mineral resources and potential grades and quantities of minerals that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves and there is no certainty that the preliminary assessment will be realized. Among the risks associated with the decision to commence production at Lalor is the possibility that the gold zone will not be economically or technically viable, construction timetables, cost estimates and production forecasts may not be realized.

Qualified Person The Lalor mineral resource and conceptual estimates were prepared by Brian Hartman, M.Sc. P.Geo., HBMS geologist under the direct supervision of Robert Carter, B.Sc. P. Eng., HBMS superintendent, mines and technical services. Mr. Carter is a qualified person within the meaning of NI 43-101, and has reviewed and approved the scientific and technical information referred to in this presentation.

3 September 2010 Investment Highlights • Operational Excellence • Cash costs of negative US$0.49 per pound of zinc sold in Q2 2010

• 1,400 employees with an average of 23 years of service

• ISO14001 and OHSAS 18001 certified for environment, health and safety

• 155 million tonnes from 26 mines discovered over 80 years in Northern Manitoba

• Financial Strength • Nearly $1 billion in cash and no debt

• Lalor and regional growth opportunities fully financed

4 September 2010 Investment Highlights • Growth Potential • Lalor go ahead expected to nearly double annual gold production • Emerging "mid-tier level" gold production and undervalued resources • Reed Lake and other prospects provide potential growth in Northern Manitoba • One of the largest exploration budgets in Company's history of $42 million in 2010 • Management Strengthened to Pursue New Opportunities • SVP Corporate Development hired • Chief Operating Officer and SVP Business Development appointed

• NYSE Listing and Inaugural Dividend • Diversifying shareholder base to improve valuation • Dividend reinforces capital allocation discipline

5 September 2010 StrongStrong FinancialFinancial ResultsResults ($000s except per Three months ended Six months ended share amounts) June 30 June 30 2010 2009 2010 2009 Revenue 191,851 197,657 432,171 359,441 Net earnings 13,273 89,415 36,832 85,457 EBITDA1,2 69,707 28,598 153,151 44,091 Operating Cash Flow1,3 41,027 28,865 100,098 42,837 Earnings per share 0.09 0.58 0.24 0.56

1EBITDA and operating cash flow before changes in non-cash working capital are considered non-GAAP measures. See "Non- GAAP Performance Measures" in our Management's Discussion and Analysis for the quarter ending June 30, 2010. 2EBITDA represents earnings before interest expense, taxes, depreciation and amortization, gain/loss on derivative instruments, exploration and interest and other income. 3Before changes in non-cash working capital.

6 September 2010 Operating Highlights - Production Three months ended Six months ended 2010 Production June 30 June 30 Guidance (contained metal 2010 2009 2010 2009 in concentrate)1 Zinc tonnes 24,961 16,867 40,103 36,757 75-90,000 Copper tonnes 12,123 11,036 23,840 23,895 45-55,000 Gold troy oz. 21,002 22,610 41,012 43,968 85-100,000 Silver troy oz. 235,106 210,236 428,091 457,652 800-900,000 Cash Costs per US($0.49) US($0.05) US($0.37) US$0.14 pound of zinc sold2 1Metal reported in concentrate is prior to refining loses or deductions associated with smelter terms 2Cash cost per pound of zinc sold is considered a non-GAAP measures. See "Non-GAAP Performance Measures" in our Management's Discussion and Analysis for the quarter ending June 30, 2010.

7 September 2010 Strong Financial Position At June 30, 2010

Cash Position1 $911.8 million

Working Capital $923.6 million

Long Term Debt 0

Shares Outstanding 148.9 million

Annualized Dividend Yield 1.8%

1Not including $60 million restricted cash in support of letters of credit; potential release upon completion of new credit facility

SELF-FUNDING FOR THE LALOR PROJECT AND8 FLEXIBILITY TO PURSUE OTHER GROWTH OPPORTUNITIESSeptember 2010 North and Central America Locations

Snow Lake Chisel North Mine Concentrator Lalor Project Flin Flon 777 & Trout Lake Mines Concentrator Zinc Plant Toronto Head Office Zinc Oxide Plant

Michigan Back Forty Deposit

Guatemala Fenix Project

9 September 2010 Manitoba Mines

777: Flagship Mine Trout Lake Chisel North Ownership • 100% • 100% • 100% Life of mine • 2020 • 2012 • 2012 Mining Cost/tonne ore • $36.811 • $61.951 • $56.512 Annualized Production3: • Copper • 35,400 tonnes • 12,400 tonnes • - • Zinc • 58,200 tonnes • 17,800 tonnes • 21,500 tonnes4 • Gold equivalent • 91,100 ounces • 23,300 ounces • -

1 12-months ended June 30, 2010 2 10 Three months ended June 30 2010 September 2010 3 Contained metal in concentrate 4 Annualized production guidance Full Commitment to Lalor Development (100% Owned) • Accelerated $560 million construction program with first production in second quarter of 2012

• Exploration upside at Lalor remains significant

• Aggressive exploration program is ongoing

Shaft Development Shaft construction Full Ramp production Development via shaft

Construction of ramp Initial production via ramp

Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 Q4Q4 Q1Q1 Q2Q2 Q3Q3 September 2010 11 20092009 20102010 20112011 20122012 20132013 20142014 20152015 500m Vent Raises Production Early Shaft Production Ram p fro 10 m Ch Gold Exploration isel Platform 750m h 11 Ric Zn 31 30 20 24 ich u R 21 A 1000m 25

26 -Au Cu

Proposed Development 27 40 1250m C Base Metal Resource u-A u z one Gold Inferred Resource

Gold Potential Mineral DUB-270 4.8m 7 g/t Au, 21 g/t Ag, 4.8% Cu Copper - Gold Potential Mineral 1500m Looking N70oW 12 0m 250m September 2010 Strong Projected Zinc Growth1 Strong Projected Precious Metals Growth2 200 200 Nearly 100%

150 150 50%

100 100

50 50

0 0 2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

1 Zinc Payable Mine Production (000s/Tonnes). Includes forecast production from existing mines together with Lalor and the 777 North expansion 2 Payable Gold Equivalent Production (000s/oz.). Silver converted to gold equivalent at 60:1 ratio. Includes existing mines, Lalor (including from inferred resources and conceptual gold and gold-copper zones) and 65% of Back Forty project

13 September 2010 2009 Gold Equivalent Production 500 450 400 350 300 250 000s oz. 200 150 100 50

0 1 9 rs es 6E 00 ng old 1 2 ini in G rces inde u M n M os y 20 Semafo Bay ar a eso inef d zo am R M Hu gu uri Al Ja A HudB Gammon Gold tar S en ld Go

1Includes forecast production from existing mines together with Lalor (including from inferred resources and conceptual gold and gold-copper zones) and the 777 North expansion

14 September 2010 HudBay Gold Inventory

Tonnes Au Ag Contained (g/t) (g/t) Au Equivalent (oz) Reserves 14,546,900 2.01 27.47 1,153,744 Measured & Indicated Resources 21,800,000 1.81 27.14 1,331,636 Inferred Resources 12,892,100 2.92 29.77 1,368,623 Conceptual Estimates 6,900,000 – 4.69 – 21.7 – 1,120,000 – 8,300,000 5.60 25.57 1,600,000

- Silver converted to gold equivalent at 60:1 ratio - Includes existing mines, Lalor and 65% of Back Forty project

15 September 2010 FlinFlin FlonFlon GreenstoneGreenstone BeltBelt

ColdCold Lake/LostLake/Lost LakeLake DepositsDeposits

LalorLalor TroutTrout LakeLake MineMine DepositDeposit Snow Lake SnowSnow Ore Concentrator LakeLake 777777 MineMine FlinFlin FlonFlon

ChiselChisel NorthNorth MineMine ReedReed Flin Flon LakeLake Ore Concentrator HwyHwy AmiskAmisk ##3939 LakeLake Zinc plant ReedReed LakeLake DepositDeposit

HwyHwy NN ##1010

16 September 2010 2525 kmkm Leveraging Opportunities in the Greenstone Belt

• Initiating development of 777 North (100% owned)

• $20 million approved by Board

• Drilling at Reed Lake to advance to development stage

• Ongoing exploration on Halo’s Lost and Cold Properties

17 OPTIMIZING NORTHERN MANITOBA September 2010 The Back Forty Project – Overview

Back Forty Mineral Tonnes Au Ag Cu Zn Resources (millions) (g/t) (g/t) (%) (%)

M&I 8.5 2.1 30.6 0.5 5.6 BacBackk FortyForty DepositDeposit (NW(NW ofof SteStephephensonson,n, MMII)) Inferred 1.2 2.9 41.7 0.2 4.4

• Joint venture with rights to earn up to a 75% interest • Advanced exploration-stage VMS zinc deposit with gold credits • Updated NI 43-101 mineral resource estimate expected by year end 2010 • Mine permit application to State of Michigan expected in Q4 2011 • New exploration program in project area

CURRENT EXCELLENT DRILLING 18 September 2010 EXPECTED TO LEAD TO UPGRADED RESOURCE Tonnes Ni The Fenix Nickel Deposit - Overview Fenix Mineral Resources (millions) (%) M&I 36.2 1.92 Inferred 9.7 1.80

• Brownfield mine and smelting facility with proven process technology FenixFenix • ~50 million lbs of annual nickel production • Multi-decade mine life with upside potential • Low technical risk, good logistics, potential for very long mine life • Seeking to mitigate social, financial & political risks • Pursue strategic partner and JV opportunities • Seek limited recourse project financing • Update feasibility study by year end 2010 results

19 September 2010 Focused Acquisition Strategy • Expanded management capacity to consider development stage opportunities • Focus on the Americas but will consider other mining favourable jurisdictions • Seeking VMS or porphyry deposits • Target transaction size of between 10 – 20% of market cap • Strategic partnerships to leverage grassroots exploration

20 September 2010 Flin Flon Greenstone Belt • Outstanding record of success $20 million • Developed 26 mines over past 83 years • Land package totaling > 400,000 hectares

Lalor $8 million • Devoted to further exploration

Mines in Manitoba & outside the Province million • Invested in brownfield exploration $14 • Exploration at existing mines

21 Targeting 115,000 meters of drill core in 2010September 2010 Historical Context Growth of mineral deposits: Discoveries in the Greenstone Belt

Flin Flon 62.5 Trout Lake ⁄⁄ 777 Lalor Stall Lake Chisel U/G Callinan Chisel Osborne Anderson Konuto Spruce Schist Lake Centennial Westarm Chisel Pit Coronation Initial resource White Lake Dickstone Added resource Rod Photo The mineral resource estimate for Lalor is made Ghost & Lost up of 13.3 million tonnes of indicated resources Cuprus and 10.2 million tonnes of inferred mineral Flexar resources, not including 6.9 – 8.3 million tonnes of Birch Lake conceptual estimates. North Star Mandy 0 5 10 15 20 25 30 Tonnes (millions)

22 September 2010 Near term milestones

• Ongoing exploration at Lalor and various JV properties

• NI 43-101 resource estimate at Reed Lake in early 2011; production decision to follow

• Fenix feasibility study by year end 2010 results

• New drilling program, updated resource estimate in late 2010 and environmental application submitted at Back Forty by Q4 2011

• Updated resource estimate expected at Cold and Lost Lake by mid-2011

23 September 2010 Investment Highlights

• Operational Excellence

• Financial Strength

• Growth Potential

• Management Strengthened

• NYSE Listing and Inaugural Dividend

24 September 2010 APPENDIX

25 September 2010 Appendix Contents

• Lalor mineralization and copper-gold drill intersections

• Reserves and Resources

26 September 2010 Lalor Mineralization

Tonnes Au Ag Cu Zn (millions) (g/t) (g/t) (%) (%)

Base Metal Zone Mineral Resource

Indicated 13.3 1.6 24.9 0.66 8.87

Inferred 4.8 1.3 26.2 0.58 9.25

Gold Zone Inferred Mineral Resource

Inferred 5.4 4.7 30.6 0.47 0.46

Potential Gold Zone Conceptual Estimate 5.1 – 6.1 4.3 – 5.1 23 – 27 0.2 – 0.4 0.2 – 0.4

Potential Copper-Gold Zone Conceptual Estimate 1.8 – 2.2 5.8 – 7.0 18 – 22 3.2 – 4.0 0.2 – 0.3

The Lalor gold zone and copper-gold zone potential mineral deposit estimates are conceptual in nature and to date there has been insufficient exploration to define a mineral resource compliant with National Instrument 43-101. It is uncertain if further exploration will result in the target deposit being delineated as a mineral resource. Additional detail may be found in HudBay’s press release dated August 4, 2010, available at www.sedar.com.

27 September 2010 Lalor Copper-Gold Drill Intersections HOLE From To Core East North Depth Au g/t Ag g/t Cu% Zn% Length meters meters meters meters(1)

DUB252W01 1140.00 1149.12 9.12 2110 5604 -1128 12.54 26.67 3.69 0.18 and DUB252W01 1176.00 1189.39 13.39 2102 5607 -1166 8.08 15.33 1.60 0.12

DUB263W02 1253.08 1287.62 34.54 2271 5762 -1253 13.35 27.98 5.33 0.35 includes DUB263W02 1256.03 1265.84 9.81 2273 5762 -1244 20.48 53.86 10.26 0.65

DUB263W02 1265.22 1265.84 0.62 2272 5762 -1249 125.49 110.09 9.50 0.83 and DUB263W02 1276.19 1279.61 3.42 2271 5762 -1260 63.86 89.96 13.48 0.93

DUB263W02 1276.19 1277.19 1.00 2271 5762 -1259 178.97 90.82 12.20 0.84

1. Intersection assays are a composite of assays calculated from interval weighted assays over the intersection length. 2. Vertical thickness is estimated using the local dip of the zone and the orientation of the drill hole and is provided for projecting to a plan map.

28 September 2010 29 September 2010 5 4

6 3

7 2

8 1

30 September 2010 Estimated Mineral Reserves – January 1, 2010

Mine Tonnes Au (g/t) Ag (g/t) Cu% Zn (%)

777

Proven 4,492,000 2.12 25.92 3.23 3.76

Probable 9,061,600 2.05 30.18 1.94 4.88

Trout Lake

Proven 701,500 1.06 11.97 2.10 3.10

Probable 292,400 1.31 4.57 2.29 2.16

Chisel North

Proven 276,500 - - - 8.64

Probable 257,800 - - - 8.06

Total Proven 5,470,000

Total Probable 9,611,800

Total Reserves 15,081,800

Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2009 and applicable technical reports in respect of the properties filed on SEDAR for further information.

31 September 2010 Estimated Inferred Mineral Resources – January 1, 2010

Mine Tonnes Au (g/t) Ag (g/t) Cu% Zn (%)

777 1,413,400 1.8 30.9 1.1 4.7

Trout Lake 108,700 0.8 3.1 2.4 0.8

Chisel North 62,900 - - - 7.7

Total 1,585,000

32 September 2010 Reserves and Resources – HudBay Minerals

• To estimate mineral reserves, measured and indicated mineral resources were first estimated by a 12-step process, which includes determination of the integrity and validation of the data collected, including confirmation of specific gravity, assay results and methods of data recording. The process also includes determining the appropriate geological model, selection of data and the application of statistical models including probability plots and restrictive kriging to establish continuity and model validation. The resultant estimates of measured and indicated mineral resources are then converted to proven and probable mineral reserves by the application of mining dilution and recovery, as well as the determination of economic viability on a fully costed basis using historical operating costs. Other factors such as depletion from production are applied as appropriate. Long term metal prices, excluding premiums, used to determine economic viability of the 2009 mineral reserves were US $700 oz. gold, US $12.00 oz. silver, US $2.00 lb. copper and US $0.85 lb. zinc. • Estimated inferred mineral resources within HudBay mines were estimated by a similar 12-step process, used to estimate measured and indicted resources. The inferred mineral resources tabulated above and contained in HudBay mines are compliant with the requirements of NI 43-101 and additionally have had dilution and recovery applied and have been economically tested on a fully costed basis using the same historical costs and long term metal prices as those used for the estimation of mineral reserves. • The 2009 estimated measured and indicated mineral resource and the estimated inferred mineral resource were prepared under the supervision of Kimberley Proctor, B.Sc., P.Geo, who is employed by Hudson Bay Mining and Smelting Co., Limited (HBMS), a wholly-owned subsidiary of HudBay, as Superintendent, Mining Technical Services and who is a Qualified Person under NI 43-101. The 2009 estimated mineral reserve and the estimated diluted, recovered and economically tested inferred mineral resources have been prepared under the supervision of Robert Carter, B.Sc., P.Eng., who is employed by HBMS as Senior Mines Analyst and who is a Qualified Person under NI 43-101. • Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2009 and applicable technical reports in respect of the properties filed on SEDAR for further information.

33 September 2010 The Back Forty Project – Mineral Resources January 12, 2009

Source: Aquila Resources Inc. (“Aquila”) Mineral Resource Statement(1) for the Back Forty Deposit, Michigan, U.S.A., SRK Consulting, January 12, 2009, as set forth in Aquila’s January 15, 2009 press release entitled “Aquila provides updated mineral resource at Back Forty” available at www.sedar.com. 34 September 2010 Strength to Build the Future

For more information contact:

John Vincic, VP of Investor Relations and Corporate Communications Tel: 416.362.0615 Email: [email protected]